After the invasion of Ukraine, which has left Moscow’s financial system on the verge of collapse, a growing number of wealthy Russians are flocking to the UAE.
In response to Russia’s invasion of Ukraine, the United States and its European allies have slapped unprecedented sanctions on the country.
The Central Bank of Russia is unable to access its $630 billion in foreign reserves, and some of the country’s banks have been banned from using the SWIFT financial messaging system.
Russian Businessmen’s are hurrying to withdraw their funds from banks and convert their roubles into foreign currency as a result of the restrictions, which have virtually cut Moscow off from the world economy.
Russia has introduced capital controls to protect its reserves, prohibiting citizens from leaving the country with more than $10,000 in foreign cash.
Dubai has traditionally marketed itself as a safe refuge in times of unrest, with foreign nationals accounting for 90 percent of the population. It has drawn wealthy families and business owners escaping regional conflicts in Syria, Iraq, and Lebanon in the past.
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